Government-owned Land Bank of the Philippines (LandBank) saw its online account opening breach 1 million as the lockdown measures against the coronavirus pandemic prompted the shift to digital banking services.
In a statement on Monday, the state-owned bank said it recorded 1,039,926 online account opening via its digital onboarding system on the back of increasing demand for online banking services.
Nearly half of the accounts were registered in January to September, the LandBank said.
“This milestone is a welcome development for the bank as it proves that Filipinos are responsive to the improvements and innovations that we implement, designed to provide them additional channels for their banking needs, as well as a more convenient banking experience in this digital age,” LandBank President and CEO Cecilia C. Borromeo was quoted in the statement as saying.
Launched last year, LandBank’s Dobs is a web application aimed at reducing account opening time to only 10 minutes from the previous 30 minutes to 45 minutes. The system also simplifies the account enrolment process, the LandBank said.
Through this platform, clients also have automatic access to the bank’s digital features that allow internet banking, online banking transaction and payment of bills, among others.
It also permits current Dobs account holders to digitally update their information, the government financial institution said.
“This is only the start for the Bank’s digitization agenda as we also look forward to streamlining other bank processes using new technologies such as loan application, among others,” Borromeo said.
Last week, the state-run bank said it signed an agreement with the Department of Transportation, Land Transportation and Franchising and Regulatory Board and the Philippine National Railways to initiate six programs for transportation systems and services modernization.
These projects are the following: North-South commuter railway extension appraisal project; resettlement action plan entitlements distribution mechanism; distribution of cash subsidy for operators; automatic fare collection system–pilot production testing; support package for environment-friendly and efficiently-driven PUV program; and, the interim rehabilitation support to cushion unfavorably-affected enterprises by Covid-19 for better urban services transport lending program.
As of August, the bank said it has approved P737.21-million worth of loans to 16 borrowers for the acquisition of 407 modern jeepneys under its lending window for public utility vehicle drivers.
LandBank, meanwhile, allotted P3 billion for bus transport lending program.